The price of global oil remains high ahead of negotiations between the US and Iran in Pakistan this weekend, which will take place amid growing concerns over whether the two-week ceasefire agreement between the countries will hold.
Brent crude oil, the global benchmark, was priced at $96.75 a barrel on Friday morning, as the Strait of Hormuz remains closed.
The price had dropped earlier this week after Washington and Tehran agreed to pause hostilities, but it has been steadily edging back towards the $100 a barrel milestone - which has repeatedly been surpassed during the conflict.
Iran’s Supreme Leader has insisted the country will “take management of the Strait of Hormuz into a new phase”.
Donald Trump, meanwhile, hit out at Iran for doing what he said was “a poor job” allowing oil through the strait and warned against Tehran reportedly charging fees to tankers, saying “if they are, they better stop now”.
Source: Sky News
--Agencies
